Office Space Solutions: Should You Buy, Rent, or Renovate?

They often tell us that when it comes to property investments, location, location, and location is the most crucial aspect of our decision. If we got this right, then we've already put ourselves in a great place with our investments. For companies looking for a new home to their business or a great place to set up an office, location is just one part of the deal. One of the bigger decisions they have to make is whether they should buy an office real estate, rent the space, or just renovate the workplace. This can be a tough call. Lucky for you, we're here to help you figure out the best option for your business.

When it's best to buy an office real estate:
- if you're an experienced or established firm with solid client base, steady growth, or stable operations
- if you see the business staying in the same property or using the space for long term (10 to 15 years or more)
- if you have enough capital for property purchase, construction, design, and maintenance
- if you want to earn extra profit or additional funds by leasing out unoccupied space or unused property
- if the property is located in an area with rising capital value - if you're company is in a good position to invest
- if you need a bigger office for expansion
- if you're looking for permanent business headquarters

When it may be better to rent an office space:
- if you're a start-up or the business is still young
- if you're on experimental stage or the business isn't stable yet
- if you want a quick or temporary solution for your business setup
- if you have limited funds that won't cover all the costs of buying a property (purchase price, fit-outs, maintenance, etc.)
- if you plan on relocating or expanding in the future
- if you're ready to move in to a fully equipped office that doesn't require setup or maintenance
- if you're looking for an office setup that suits a limited number of employees or your business functions
- if you want to save on maintenance and operational cost with a plug-and-play serviced office (like the largest serviced office in SM Aura Office Tower, complete with conference/meeting rooms, business lounge, reception, 24/7 security, clinic, pantry, IT infrastructure and support, etc.)

When it's good to just renovate the workplace:
- if the size of the office still suits company growth or your business requirements - if the building is in an ideal business address (no issues with transportation, accessibility, etc.)
- if current space just needs to be remodeled or refurbished for your business needs
- if business is still doing well in the current location
- if funds and resources aren't enough to cover the moving cost and other expenses (new office and business equipment, internet connection and other services, etc.)
- if you can see your business in the same location for the next 5 or 10 years
- if you have a limited capital
- if business growth is still unpredictable
- if you're under a longer-term lease contract